Revenue held near $3.2B in 2026Q2 but net income collapsed to $101.0M as provision expense of $997.0M consumed most of the earnings base, leaving the net interest margin at 1.8% and the efficiency ratio at 62.8%.
LexinFintech Holdings Ltd. (LX) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Net Interest Income | 1.25B | 1.83B | -9.01M | -50.48M | -55.64M | -63.13M | -77.54M | -39.22M | -23.06M | -75.52M | -48.34M | -1.93M |
| NII Growth % | 26425.09% | 20364.53% | 82.16% | 9.26% | 11.86% | 18.59% | -97.74% | -70.06% | 69.47% | -56.21% | -2404.82% | - |
| Net Interest Margin % | 5.56% | 7.87% | -0.04% | -0.22% | -0.24% | -0.3% | -0.38% | -0.2% | -0.18% | -0.51% | -0.55% | -0.05% |
| Interest Income | 1.38B | 2.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 138.4M | 244.83M | 9.01M | 50.48M | 55.64M | 63.13M | 77.54M | 39.22M | 23.06M | 75.52M | 48.34M | 1.93M |
| Loan Loss Provision | 4.96B | 3.3B | 9.17B | 8.49B | 6.78B | 5.57B | 7.93B | 5.57B | 4.56B | 4.19B | 3.69B | 2.6B |
| Non-Interest Income | 11.57B | 10.72B | 14.2B | 13.06B | 9.87B | 11.38B | 11.65B | 10.6B | 7.6B | 5.58B | 4.34B | 2.52B |
| Non-Interest Income % | 90.28% | 85.45% | 100.06% | 100.39% | 100.57% | 100.56% | 100.67% | 100.37% | 100.3% | 101.37% | 101.13% | 100.08% |
| Total Net Revenue | 12.81B | 12.55B | 14.19B | 13.01B | 9.81B | 11.32B | 11.57B | 10.56B | 7.57B | 5.51B | 4.29B | 2.52B |
| Revenue Growth % | -8.49% | -11.61% | 9.13% | 32.58% | -13.32% | -2.16% | 9.5% | 39.48% | 37.54% | 28.35% | 70.05% | - |
| Non-Interest Expense | 6.56B | 6.98B | 2.74B | 2.63B | 2.7B | 2.68B | 2.2B | 2.37B | 1.19B | 844.43M | 590.99M | 324.87M |
| Efficiency Ratio | 51.19% | 55.62% | 19.3% | 20.25% | 27.53% | 23.67% | 19.02% | 22.4% | 15.71% | 15.33% | 13.77% | 12.88% |
| Operating Income | 1.29B | 2.26B | 2.29B | 1.88B | 334.45M | 3.07B | 1.43B | 2.63B | 1.82B | 475.66M | 11.04M | -397.32M |
| Operating Margin % | 10.1% | 18.04% | 16.11% | 14.45% | 3.41% | 27.13% | 12.39% | 24.87% | 24.06% | 8.64% | 0.26% | -15.75% |
| Operating Income Growth % | - | -0.98% | 21.66% | 461.85% | -89.11% | 114.25% | -45.45% | 44.2% | 283.03% | 4209.3% | 102.78% | - |
| Pretax Income | 1.33B | 2.02B | 1.35B | 1.33B | 1.03B | 2.77B | 685.61M | 2.71B | 2.11B | 474.58M | -59.68M | -399.13M |
| Pretax Margin % | 10.39% | 16.09% | 9.54% | 10.2% | 10.48% | 24.47% | 5.93% | 25.62% | 27.85% | 8.62% | -1.39% | -15.82% |
| Income Tax | 297.63M | 387.67M | 253.28M | 260.84M | 202.64M | 435.42M | 90.63M | 411.96M | 132.22M | 234.23M | 58.26M | -88.93M |
| Effective Tax Rate % | 22.36% | 19.2% | 18.71% | 19.66% | 19.7% | 15.72% | 13.22% | 15.22% | 6.27% | 49.35% | -97.62% | 22.28% |
| Net Income | 1.03B | 1.63B | 1.1B | 1.07B | 819.75M | 2.33B | 594.98M | 2.29B | 1.98B | 240.35M | -117.94M | -310.19M |
| Net Margin % | 8.07% | 13% | 7.75% | 8.2% | 8.36% | 20.62% | 5.14% | 21.72% | 26.11% | 4.36% | -2.75% | -12.29% |
| Net Income Growth % | -35.96% | 48.25% | 3.24% | 30.03% | -64.88% | 292.27% | -74.07% | 16.04% | 722.67% | 303.79% | 61.98% | - |
| Net Income (Continuing) | 1.03B | 1.63B | 1.1B | 1.07B | 825.93M | 2.33B | 594.98M | 2.29B | 1.98B | 240.35M | -117.94M | -310.19M |
| EPS (Diluted) | 6.20 | 9.16 | 6.50 | 6.34 | 4.42 | 11.46 | 3.12 | 12.22 | 10.90 | 1.40 | -0.71 | -5.60 |
| EPS Growth % | -34.93% | 40.92% | 2.52% | 43.44% | -61.43% | 267.31% | -74.47% | 12.11% | 678.57% | 297.18% | 87.32% | - |
| EPS (Basic) | - | 9.64 | 6.64 | 6.48 | 4.72 | 12.66 | 3.26 | 12.90 | 10.90 | 1.46 | -0.78 | -5.60 |
| Diluted Shares Outstanding | 166.71M | 177.54M | 169.63M | 179.91M | 196.38M | 207.5M | 205.61M | 187.92M | 181.38M | 172.29M | 165.39M | 55.32M |
Quick answers to the most common questions about buying LX stock.
For fiscal year 2025, LexinFintech Holdings Ltd. (LX) reported total revenue of $12.55B. This represents a 397.3% increase compared to $2.52B in 2015.
LexinFintech Holdings Ltd. (LX) is profitable, generating $1.63B in net income for the fiscal year ending 2025 with a net profit margin of 13.0%.
LexinFintech Holdings Ltd. (LX) reported an operating income of $2.26B, resulting in an operating profit margin of 18.0%. This margin reflects the operational efficiency of the business before interest and taxes.
LexinFintech Holdings Ltd. (LX) generated $9.24B in gross profit for the year, representing a gross profit margin of 73.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Provision expense surge pressure
Net Interest Income Stabilizing at Lower Base
Based on LexinFintech's reported figures, net interest income held near $397.2M in 2026Q2 versus $454.2M in 2025Q4, a sequential decline that signals softening lending spreads or a shrinking interest-earning book after the late-2025 peak.
The reported NII series shows a sharp step-up to $454.2M in 2025Q4 followed by a pullback to $397.2M by 2026Q2, which suggests the earlier growth was partly driven by timing or portfolio mix rather than durable spread expansion. The negative NII figures in 2024 and 2025 Q1 through Q3 appear to reflect a reporting structure where interest income was classified elsewhere, so the trend is better read from the recent quarters. Investors should monitor whether the current level holds as loan volumes and funding costs reprice.
Provision Expense Dominates Earnings Pressure
As reported in the financial statements, provision expense rose to $997.0M in 2026Q2 from $826.8M in 2025Q4, consuming a large share of total revenue of $3.2B and compressing operating income to $185.2M.
Provision expense now absorbs roughly 31 percent of total revenue, a level that indicates credit cost deterioration is the principal driver of recent profit compression rather than revenue weakness. The elevated provisioning may reflect higher expected loan losses, though the data alone cannot confirm the underlying credit quality or the adequacy of reserves. This warrants further investigation into delinquency trends and reserve coverage in subsequent filings.
Efficiency Ratio Deteriorating Against Revenue Base
Based on reported figures, the efficiency ratio sat at 62.8% in 2026Q2, up from 19 to 24 percent in 2024 and 2025, a shift that reflects a changed cost-to-income relationship rather than a clean improvement in operating discipline.
The jump in the efficiency ratio alongside a much larger revenue base indicates that operating costs are absorbing a greater proportion of income than in prior periods, which weakens operating leverage. Because the historical ratios are unusually low, the comparability of the series may be affected by changes in how revenue and expenses are classified, so the direction is more reliable than the absolute levels. Analysts should reconcile this with the reported expense breakdown.
Fee Income Dependence Highlights Revenue Concentration
According to LexinFintech's reported figures, non-interest income accounted for 87.5% of total revenue in 2026Q2, with non-interest income of $2.8B against total revenue of $3.2B, indicating a heavy reliance on fee-based streams.
A fee share this high suggests the earnings base is concentrated in non-interest sources, which carry different cyclicality and quality characteristics than spread income. Such dependence may increase sensitivity to transaction volumes and platform-related economics, though the composition of these fees cannot be verified from the supplied data. Investors should monitor the recurring versus transaction-based mix to assess durability.
Earnings Base Vulnerable to Credit Cycle
As reported in the financial statements, net income fell to $101.0M in 2026Q2 from $521.3M in 2025Q3, a decline that peer comparisons also flag as weak relative to QFIN's 31.0% net margin.
The challenge to the bull case is that reported profitability has contracted sharply while provisioning has risen, and the EPS trajectory of negative growth in recent quarters suggests the earlier earnings level may not be recoverable without a credit cost reversal. Peer margins for QFIN and FINV are materially higher, which may indicate structural pressure specific to this company rather than a sector-wide cycle. These inferences rest on reported figures and warrant further investigation into the drivers of provisioning.